The case involves IA 2405/2020 filed by the Liquidator of Gupta Coal India Pvt. Ltd. seeking direction to the Liquidator of Gupta Global Resources to provide possession of the coal stock of Gupta Coal India Pvt. Ltd. (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) for Gupta Coal India Pvt. Ltd. commenced on 2017-03-09, and liquidation commenced on 2017-12-01. The Corporate Debtor was in the business of trading coal, while Gupta Global Resources was in the business of washing coal supplied by the Corporate Debtor. The Corporate Debtor stored its coal at the premises of Gupta Global Resources.
The Liquidator of Gupta Coal India Pvt. Ltd. filed IA 2405/2020 seeking direction to the Liquidator of Gupta Global Resources to provide possession of the coal stock of Gupta Coal India Pvt. Ltd. The CIRP for Gupta Coal India Pvt. Ltd. commenced on 2017-03-09, and liquidation commenced on 2017-12-01. Gupta Coal India Pvt. Ltd. was a trading company and stored its coal at the premises of Gupta Global Resources. The Respondent Liquidator stated that the Applicant failed to lift the coal stock despite a no-objection certificate. A joint inspection revealed negligible coal stock compared to the quantity recorded in the books. The Applicant did not file an FIR for the missing coal. The court found that the Resolution Professional and Liquidator failed to protect the assets
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Corporate Insolvency…
Liquidation process…
The case involves IA 2405/2020 filed by the Liquidator of Gupta Coal India Pvt. Ltd. seeking direction to the Liquidator of Gupta Global Resources to provide possession of the coal stock of Gupta Coal India Pvt. Ltd. (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) for Gupta Coal India Pvt. Ltd. commenced on 2017-03-09, and liquidation commenced on 2017-12-01. The Corporate Debtor was in the business of trading coal, while Gupta Global Resources was in the business of washing coal supplied by the Corporate Debtor. The Corporate Debtor stored its coal at the premises of Gupta Global Resources.
The Liquidator of Gupta Coal India Pvt. Ltd. filed IA 2405/2020 seeking direction to the Liquidator of Gupta Global Resources to provide possession of the coal stock of Gupta Coal India Pvt. Ltd. The CIRP for Gupta Coal India Pvt. Ltd. commenced on 2017-03-09, and liquidation commenced on 2017-12-01. Gupta Coal India Pvt. Ltd. was a trading company and stored its coal at the premises of Gupta Global Resources. The Respondent Liquidator stated that the Applicant failed to lift the coal stock despite a no-objection certificate. A joint inspection revealed negligible coal stock compared to the quantity recorded in the books. The Applicant did not file an FIR for the missing coal. The court found that the Resolution Professional and Liquidator failed to protect the assets
…Corporate Insolvency…
Liquidation process…